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Asia-Pacific Digital Payments Market Set to More than Triple Its Size Crossing USD 67 Billion by 2028 | BlueWeave Consulting

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New Delhi, Sept. 14, 2022 (GLOBE NEWSWIRE) — Asia-Pacific (APAC) digital payments market is booming owing to convenience of transactions, widespread usage of smartphones, and the financial inclusion opportunities through digital technologies in emerging economies and developing countries in the region- https://www.blueweaveconsulting.com/report/asia-pacific-digital-payments-market  

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates Asia-Pacific Digital Payments Market size at USD 17.85 billion in 2021. And, BlueWeave expects the market size to grow at a robust CAGR of 21.1% during the forecast period (2022–2028) recording a value of USD 67.42 billion by 2028. Customers have gained more comfort thanks to the widespread usage of low-cost communication technologies and quicker Internet connections, leading to an increase in the use of digital payments throughout APAC. Financial services companies are also giving a priority to projects involving application programming interfaces (APIs) and open banking.

Asia-Pacific Digital Payments Market – Technology Advancements

In November 2021, Fiserv unveiled EnteractSM, a completely new cloud-based customer relationship management (CRM) platform for financial institutions. Real-time process integration across core banking, enterprise content management, and digital channels is made possible by Enteract’s Microsoft Azure-based integration architecture. Additionally, it syncs customer data with back-end systems. Virgin Money and Global Payments Inc. entered into a contract in September 2021 to use Global Payments’ unique two-sided network to provide Virgin Money customers with access to market-leading digital payment experiences around the world.

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Asia-Pacific Digital Payments Market – Rising demand

Real-time payment solutions are predicted to be more embraced by merchants and store owners throughout the forecast period, supporting market developments. However, two issues might have a negative influence on business growth: concerns about cybersecurity and difficulty with bank transactions. The usage of rapid payments by consumers, businesses, and governments in developing countries such as India, China, Thailand, and Vietnam is increasing the need for solutions. Globally increasing cell phone usage and the need for quick clearance and reimbursement of financial transactions between sellers and purchasers are the main factors driving the business. Additionally, the industry is forecast to grow as more retailers and web-based business owners adopt real-time payment options. Real-time connections, comprehensive data transactions, faster transaction rates than other electronic techniques, and round-the-clock vendor and corporate organization accessibility are all advantages of these systems.

Asia-Pacific Digital Payment Market – Segmental Coverage

Asia-Pacific digital payment market on the basis of offerings is segmented into solutions and services. The solutions segment dominates the market due to the high initial expenses connected with solutions and the fact that services are only extra advantages once solutions have been established. Based on deployment types, the Asia-Pacific digital payment market is segmented into cloud and on-premises segments. On-premise installations are preferred by major payment providers, which is why this deployment model sector is dominated by on-premise deployments. However, the cloud market is growing more quickly as a result of the desire for certain expense characteristics. On the basis of technology, the Asia-Pacific digital payment market is split into application programming interface (API), data analytics and machine learning (ML), digital ledger technology (DLT), Artificial Intelligence (AI) and Internet of Things (IoT), and biometric authentication segments. APIs are the most user-friendly and secure technology for banking operations, and using APIs facilitates information flow across different systems.

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Regional Insights

China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, the Philippines, and Rest of APAC are covered in the Asia-Pacific digital payment industry study. China is the market leader in the APAC region, due to a high usage of smartphones and its people’s growing reliance on digital platforms. In addition, key market-impacting factors and domestic market regulatory changes that have an impact on the industry’s current and future trends are listed in the country section of the Asia-Pacific digital payment market report. Data points including regulatory laws and country demographics are some of the key indicators utilized to anticipate the market environment for certain countries. When giving forecast analysis of the country data, it also takes into account the presence and accessibility of international brands, the difficulties they encounter owing to strong or weak competition from domestic and local brands, and the impact of sales channels.

Impact of COVID-19 on Asia-Pacific Digital Payment Market

COVID-19 pandemic severely affected manufacturing, logistics, hospitality, transportation, and retail industries. Other somewhat impacted industries include government, education, energy and utilities, IT and telecom, and BFSI. Because of the pandemic, more people are using wallets and contactless payments. eWallets are becoming more used for Peer to Peer (P2P) transfers, bill payments, and Customer to Business (C2B) payments for essential services as a result of the lockout and aversion to the exchange of cash. Enterprises, however, have stopped recognising some wallet providers as they have increased expenses for both customers and businesses.

Competitive Landscape

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Due to the presence of various local providers, the Asia-Pacific Digital Payment Market is highly competitive. The market has grown profitable and has drawn enormous investments as a result of rapidly changing customer tastes. Because of the enormous potential for expansion, new competitors are further fragmenting the business. Some of the key players in the market are Ant Group Co., Rakuten Group Inc, Pine Labs, Toshiba Corporation, Razorpay, Alipay, Android Pay, Apple Pay, PayPal, and Sumsung Pay. Prominent service providers are working to stimulate the creation of new products. In January 2022, NPCI International Payments Limited (NIPL), the international payments subsidiary of the National Payments Corporation of India (NPCI), and TerraPay struck an agreement to enable Indians with active UPI IDs. MoneyGram International, Inc., a pioneer in digital development.

Recent Developments

  • In April 2020, Shinsegae Group, a South Korea-based retail corporation, improved SSGPay by integrating banking service. Customers will be able to use the platform to carry out various actions in various banks thanks to this. Additionally, this will make it easier for consumers in South Korea to order necessities through the company’s website during the coronavirus crisis without running into payment problems. In January 2020, Tencent unified a portion of their authentication software with UnionPay, a government-owned business. This alliance is anticipated to increase UnionPay’s market penetration in China and promote the Chinese government’s aim for cross-sector cooperation. Paytm, an India-based mobile payment service provider, launched the QR Code System in January 2020 to speed up multi-platform payments and provide retailers with access to a range of payment options, including mobile wallets and UPI. The company raised $1 billion in financing.

Scope of the Report

Attributes Details
Years Covered Historical data – 2018–2021
Base Year – 2021
Estimated Year  –  2022
Forecast – 2022–2028
Facts Covered Revenues USD billion 
Market Coverage China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, the Philippines, Rest of Asia Pacific.
Product Service/Segmentation By Mode of Payment, By End User, By Country
Key Players Ant Group Co., Rakuten Group Inc, Pine Labs, Toshiba Corporation, Razorpay, Alipay, Android Pay, Apple Pay, PayPal, and Sumsung Pay

By Mode of Payment

  • Cards
  • Digital Wallet

By End User

  • Retail
  • Healthcare
  • Hospitality
  • Entertainment

 By Country

  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Singapore
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines

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Artificial Intelligence

Dark Fiber Market Size to Grow USD 7594 Million by 2030 at a CAGR of 9.09% | Valuates Reports

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BANGALORE, India, Oct. 7, 2024 /PRNewswire/ — Dark Fiber Market is Segmented by Type (Single-Mode, Multi-Mode), by Application (Telecom, Oil & Gas, BFSI, Military & Defense, Medical, Railway, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Dark Fiber Market was valued at USD 4475 million in 2023 and is anticipated to reach USD 7594 million by 2030, witnessing a CAGR of 9.09% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Insect Dark Fiber Market:
The dark fiber market is experiencing robust growth due to the increasing demand for high-speed internet, data transfer, and secure communication infrastructure across various industries. Dark fiber refers to unused fiber-optic cables that are available for lease or purchase, allowing enterprises and service providers to establish private networks with dedicated bandwidth. The surge in data consumption, driven by cloud computing, 5G deployment, data centers, and IoT, has intensified the need for scalable and high-capacity networks, which dark fiber can provide. Additionally, sectors like telecom, IT, and healthcare are adopting dark fiber solutions to ensure better connectivity, network control, and security.
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TRENDS INFLUENCING THE GROWTH OF THE DARK FIBER MARKET
Single-mode fiber plays a crucial role in driving the growth of the dark fiber market due to its ability to support long-distance communication with minimal signal degradation. This fiber type offers high bandwidth and superior performance, making it ideal for telecommunication companies and data centers that require efficient transmission over extensive networks. The rapid increase in data consumption, driven by emerging technologies like 5G, cloud computing, and IoT, has intensified the demand for single-mode fiber. Its cost-effectiveness for long-haul applications further enhances its adoption, as it allows for higher transmission speeds and capacities over longer distances, making it a preferred choice for large-scale network expansion projects.
Multi-mode fiber is a key driver in the dark fiber market due to its efficiency in short-distance data transmission. Multi-mode fibers are particularly effective for data centers and intra-building communication networks where the focus is on high-speed connections over shorter distances. The demand for electric dark fiber, especially in urban infrastructure and renewable energy projects, has surged as these sectors require reliable, high-capacity data transfer solutions. Multi-mode fiber’s cost-effective installation and maintenance, along with its ability to handle high bandwidth over shorter distances, contribute significantly to the market’s growth, providing a reliable infrastructure for electric utilities and smart grid projects.
Telecom is one of the most significant sectors driving the growth of the dark fiber market due to the increasing demand for high-speed internet, large-scale network deployments, and seamless communication infrastructure. The rapid expansion of 5G networks, the need for backhaul connections, and the proliferation of data-intensive applications have all contributed to the growing adoption of dark fiber in the telecom industry. Telecom providers are leveraging dark fiber to reduce latency, enhance scalability, and increase network efficiency, which are critical for delivering enhanced customer experiences and supporting emerging digital services. As telecom networks continue to expand globally, the demand for dark fiber infrastructure is expected to rise.
One of the primary factors driving the growth of the dark fiber market is the exponential surge in global data consumption. With the widespread use of smartphones, connected devices, and the internet, data traffic has increased significantly. Streaming services, online gaming, video conferencing, and cloud computing are all fueling this growth. Dark fiber infrastructure is essential to accommodate this massive data flow, offering the bandwidth and capacity required to support such intensive usage. As businesses and consumers continue to generate more data, service providers rely on dark fiber networks to ensure faster, more reliable connections and to meet the growing demands for data transmission.
The growing adoption of cloud services by enterprises is another critical factor contributing to the growth of the dark fiber market. As businesses migrate their operations and data storage to the cloud, there is an increased need for high-speed, low-latency networks that can handle large volumes of data transmission. Dark fiber provides the necessary infrastructure for private, scalable, and secure network connectivity to the cloud. Enterprises across various industries, including healthcare, finance, and retail, are leveraging dark fiber to ensure seamless access to cloud applications, thus driving market growth. The continued shift toward cloud computing will likely increase demand for dark fiber solutions.
The rapid expansion of data centers worldwide is significantly boosting the dark fiber market. Data centers serve as critical hubs for storing and managing vast amounts of information. To ensure smooth operation, data centers require high-capacity, reliable, and secure fiber-optic networks. Dark fiber networks provide data centers with dedicated, high-performance connectivity, allowing them to scale their operations efficiently. The growth of edge computing and the need for real-time data processing have further intensified the demand for dark fiber connections in data centers. As the number of data centers grows, particularly in emerging markets, the need for dark fiber infrastructure will continue to rise.
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DARK FIBER MARKET SHARE ANALYSISThe dark fiber market shows varying growth trends across different regions, driven by factors like technological advancements and infrastructure investments. North America leads the market due to the rapid expansion of 5G networks, cloud computing adoption, and increasing data center construction. Europe follows closely, with countries investing in high-speed connectivity for smart cities and telecommunications. The Asia-Pacific region is witnessing significant growth, particularly in China, Japan, and India, driven by increased demand for internet services, telecom expansion, and government initiatives supporting digital infrastructure. Meanwhile, Latin America and the Middle East are also emerging as potential markets, propelled by growing data consumption and the need for improved connectivity in underdeveloped areas.
Key Players:
GTT CommunicationsUFINETVikram GroupDEPLUnite Private NetworksSterlite PowerColt Technology ServicesConsolidated CommunicationsCrown CastleNexGen NetworksSorrento NetworksFirstLightMicroscanWindstream Intellectual Property ServicesPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-8O16959/global-dark-fiber/1
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Artificial Intelligence

AI Governance Market worth $5,776.0 million by 2029- Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Oct. 7, 2024 /PRNewswire/ — The AI Governance Market is anticipated to grow from USD 890.6 million in 2024 to USD 5,776.0 million by the year 2029 at a robust CAGR of 45.3% over the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “AI Governance Market”
350 – Tables 50 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD (Million)
Segments covered
Product Type, Functionality, End User, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), FICO (US), Accenture (Ireland), Qlik (US), H2O.AI (US), Alteryx (US), DataRobot (UK), Dataiku (US), Domino Data Lab (US), SparkCognition (US), Collibra (US), OneTrust (US), Quest Software (US), Fiddler AI (US), Untangle AI (Singapore), 2021.AI (Denmark), Howso (US), Monitaur (US), Mind Foundry (UK), Credo AI (US), Holistic AI (UK), Fairly AI (Canada), Enzai (UK), ValidMind (US), FairNow (US), Mona Labs (US), Arthur AI (US), Trustible (US), Atlan (Singapore), ModelOp (US), Neptune AI (Poland), Patronus AI (US), and Datatron (US).
Regulatory pressure and demands for compliance are driving the AI Governance Market as governments around the world roll out tougher regulations related to AI. For example, the European Union’s AI Act had subjected risk assessments and compliance audits to AI systems, particularly in high-risk sectors like health and finance, thereby increasing demand for the governance framework. Organizations also run the risk of facing reputational damages linked with prejudiced or harmful AI output. A notable example is the controversy caused by OpenAI GPT models, which flagged misinformation and biased data concerns, making businesses adopt robust AI guard rails. On similar note, Amazon’s discontinuation of its biased AI recruiting tool demonstrate the reputational and financial risks of ungoverned AI. Another major reason for market expansion is the uptick in AI adoption across highly regulated industries, especially BFSI and healthcare. Industries operating in these sectors are under immense regulatory pressure to comply with dynamic regulations, leading to increased affinity towards AI governance tools.
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By product type, data governance tools will account for largest market share in 2024 owing to robust data provenance and lineage capabilities.
Data governance tools are poised to account for the largest market share in the AI Governance Market, as these tools help an organization track data quality, provenance, and bias within AI development training data. This is important in order to prevent bias results being generated from AI systems. For example, data governance tools may apply profiling techniques to the dataset in order to ensure fairness, and also put in place data lineage to indicate potential problems with data sourcing. As an increasing number of AI regulations call for documentation, tracking and record keeping especially on the data that feeds AI systems, data governance has become paramount. Data governance also assists enterprises in compliance with regulations through robust AI data traceability and accuracy. Additionally, the metadata repository feature in data governance tools offer centralized catalogs and controls of metadata for data visibility across an organization to ensure trustworthy and responsible AI implementation.
The demand for ethical AI use across ML platforms and generative AI models will push software & technology providers as the fastest growing end user segment during the forecast period
Software & technology providers are poised to become the fastest growing end user segment in the AI Governance Market, buoyed by rapid adoption of AI governance tools to make their AI systems trustworthy and ethical. The rising regulatory scrutiny and the expanding reach of data privacy laws like GDPR and CCPA has also accelerated governance frameworks being adopted across such players. For instance, Microsoft has created an internal AI ethics working group to implement strong ethical guardrails across its AI offerings. On a similar note, Google has formed AI governance framework for developing fair, explainable, and ethical AI solutions. There are also expectations from stakeholders who demand that technology companies create AI responsibly. With AI regulations likely to disrupt every software vendor, incorporating ethical norms and regulation is now of extraordinary importance for technology businesses to maintain the brand’s trust and growth.
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North America is set to hold the largest market share in 2024, fueled by a strong regulatory environment and increasing investments in responsible AI deployment
North America has emerged as the largest regional market for AI government adoption. Federal funding on AI governance in North America crossed USD 1 billion in 2023, indicating a growing interest in responsible AI research. Industries with strict regulations such as healthcare and banking are leading in the implementation of governance, with 45% of healthcare providers mentioning regulatory compliance as a key business requirement. Businesses are forced to implement governance frameworks due to rising regulatory requirements like NIST’s AI Risk Management Framework and the California Consumer Privacy Act (CCPA). More than half of businesses expect more stringent AI rules in the next five years, with 62% citing data privacy compliance as a main factor for implementing governance. Also important is consumer confidence, as 78% of American consumers favor brands that utilize ethical AI. Businesses such as Google and Microsoft are implementing governance to guarantee transparency and establish trust. Additionally, organizations are prioritizing fairness in their AI systems and have turned to tools like IBM’s AI Fairness 360 to address the need to mitigate AI bias, with 56% of businesses doing so. Moreover, financial institutions are particularly focused on risk management, giving priority to governance for addressing AI-related risks.
Top Key Companies in AI Governance Market:
The major players in the AI Governance Market include Microsoft (US), IBM (US), SAS Institute (US), DataRobot (UK), and Dataiku (US), along with SMEs and startups such as Fiddler AI (US), 2021.AI (Denmark), Monitaur (US), Credo AI (US), and Fairly AI (Canada).
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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Artificial Intelligence

Access Control as a Service (ACaaS) Market worth $3.06 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Oct. 7, 2024 /PRNewswire/ — The global access control as a service market is expected to be valued at USD 1.34 billion in 2024 and is projected to reach USD 3.06 billion by 2029; it is expected to grow at a CAGR of 17.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Accelerated urbanization in emerging markets is fueling the demand for advanced access control solutions. Growing adoption of cloud-based Access Control as a Service (ACaaS) is transforming security management systems. Increasing integration of access control systems with employee management and HR platforms is enhancing operational efficiency in the access control as a service market. Increasing shift toward subscription-based business models is fostering recurring revenue streams for security service providers. Growing demand to manage global security operations from centralized locations is pushing the adoption of unified security platforms in the access control as a service market.

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Browse in-depth TOC on “Access Control as a Service (ACaaS) Market” 162 – Tables64 – Figures226 – Pages
Access Control as a Service (ACaaS) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.34 billion
Estimated Value by 2029
$ 3.06 billion
Growth Rate
Poised to grow at a CAGR of 17.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Service Type, Cloud Deployment Model, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Unauthorized Access and Data Breach
Key Market Opportunities
Unauthorized Access and Data Breach
Key Market Drivers
Increased adoption of IoT-based security systems and cloud computing platforms
Commercial vertical to hold the highest market share during the forecast period.
Commercial vertical will account for the largest market share in the ACaaS market during the forecast period. This can be attributed to the increasing need for secure access management solutions across commercial buildings, offices, and retail spaces. Scalability, cost-effectiveness, and even remote access management abilities are making cloud-based ACaaS increasingly attractive within this segment. With increasing urbanization and infrastructure development, coupled with the trend of smart buildings, demand for advanced security systems is rising in the commercial segment, which is further basing its strength in the ACaaS market.
By Service Type, Hybrid segment is projected to grow at a high CAGR of Acalas industry during the forecast period.
A hybrid access control service may be marked as a combination of both hosted and managed access control. In this type of access control, a certain part of the access control system is handled by the end user while the rest of the function is outsourced to a third-party vendor. In this model, permissions are not directly associated with the attributes or the roles. In dynamic role assignment, roles are assigned to users based on the attributes provided by the user, which are then adopted for authentication purposes. Once the roles are assigned, authorization starts whereby the user is granted access based on the assigned roles. The hybrid access control service will act as a catalyst in driving better threat visibility, rapid and effective attack response, minimizing cyber security risks, and being compliant with the latest regulations and standards.
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Asia Pacific will account for the highest CAGR during the forecast period.
In Asia Pacific, China is amongst the largest countries in the world and one of the largest manufacturers and producers of industrial goods. Agaas has grown and developed immensely in the recent years as, to address margin-related issues that Chinese suppliers have been causing, lately manufacturers are adopting cloud-based solutions. The large-scale industrialization of the country has given birth to the growing need for security systems. Thirdly, consistent R &D expense resulted in the innovation of highly sophisticated systems that can meet the diversified user needs. In government sectors, access control system had been employed to raise security measures and take instantaneous action against looming threats. AcaaS – The software and data are retained at vast data centres instead of being retained locally on on-premises servers. Hardware systems remain the same, similar to those in an access control system. Hence, Acaas save the operational costs of institutions considerably with no compromise on the standards of security. In residential areas too, the demand for Acaas is tremendous, thanks to the ever-growing requirement of securing personal properties.
Key Players
Key companies operating in the ACaaS companies are Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Thales (France), ASSA ABLOY Group (Sweden), dormakaba Group (Switzerland), Identiv, Inc. (US), Kastle Systems (US), AMAG (US), Brivo Systems, LLC. (US), and Cloudastructure Inc. (US) among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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VSaaS Market Size, Share & Industry Growth Analysis by Type (Hosted, Managed, Hybrid), Feature (AI-enabled VSaaS, Non-AI VSaaS), AI Visual Analysis (Object Detection & Recognition, Intrusion Detection, Facial Recognition, Anomaly Detection), Vertical & Region – Global Forecast to 2029
Access Control Market by Offering (Hardware-Card-based, Biometric, & Multi-technology Readers, Electronics Locks, Controllers; Software; Services), ACaaS (Hosted, Managed, Hybrid), Vertical and Region – Global Forecast to 2029
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